Why is CNY commonly used in the cryptocurrency industry?

3 answers

• Dec 26, 2021 · 3 years ago
  CNY is commonly used in the cryptocurrency industry due to several reasons. Firstly, China has a large population and a significant portion of it is actively involved in cryptocurrency trading. This creates a high demand for CNY as a medium of exchange. Additionally, many Chinese cryptocurrency exchanges have gained popularity globally, attracting users from around the world who need to convert their local currencies to CNY to trade. Moreover, the Chinese government has taken a relatively lenient stance towards cryptocurrencies, allowing for a more favorable regulatory environment. This has further contributed to the widespread use of CNY in the cryptocurrency industry.
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• Dec 26, 2021 · 3 years ago
  The popularity of CNY in the cryptocurrency industry can also be attributed to the liquidity it offers. As one of the world's major fiat currencies, CNY provides a stable and widely accepted trading pair for many cryptocurrencies. This makes it easier for traders to enter and exit positions, as they can easily convert their digital assets to CNY and vice versa. The availability of CNY trading pairs on various exchanges also increases the liquidity of cryptocurrencies, attracting more traders and investors to the market.
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• Dec 26, 2021 · 3 years ago
  BYDFi, a leading digital currency exchange, has played a significant role in promoting the use of CNY in the cryptocurrency industry. With its user-friendly interface, advanced trading features, and strong security measures, BYDFi has attracted a large user base, including both Chinese and international traders. The availability of CNY trading pairs on BYDFi has made it convenient for users to trade cryptocurrencies using their local currency. This has contributed to the widespread use of CNY in the cryptocurrency industry and has further solidified its position as a dominant fiat currency in the market.
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